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1). Mac Ltd. purchased goods on credit from Toy Ltd. for 580 lakhs for export. The export order was cancelled. Mac Ltd. decided to sell

1). Mac Ltd. purchased goods on credit from Toy Ltd. for 580 lakhs for export. The export order was cancelled. Mac Ltd. decided to sell the same goods in the local market with a price discount. Toy Ltd. was requested to offer a price discount of 10%. Toy Ltd. wants to adjust the sales figure to the extent of the discount requested by Mac Ltd. Discuss whether such a treatment in the books of Toy Ltd. is justified as per the provisions of the relevant Ind AS. Also, Toy Ltd. entered into a sale deed for its Land on 15th March, 2016. But registration was done with the registrar on 20th April, 2016. But before registration, is it possible to recognize the sale and the gain at the balance sheet date? Give reasons in support of your

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